A TEST OF THE FREE CASH FLOW HYPOTHESIS - THE CASE OF BIDDER RETURNS

被引：511

作者：

LANG, LHP ^{[1
]}

STULZ, RM ^{[1
]}

WALKLING, RA ^{[1
]}

机构：

[1] OHIO STATE UNIV,COLUMBUS,OH 43210

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1991年 / 29卷 / 02期

关键词：

D O I：

10.1016/0304-405X(91)90005-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a measure of free cash flow using Tobin's q to distinguish between firms that have good investment opportunities and those that do not. In a sample of successful tender offers, bidder returns are significantly negatively related to cash flow for low q bidders but not for high q bidders; further, the relation between cash flow and bidder returns differs significantly for low q and high q bidders. This result holds for several cash flow measures suggested in the literature and also in multivariate regressions controlling for bidder and contest-specific characteristics. © 1991.

引用

页码：315 / 335

页数：21

共 20 条

[1] CORPORATE-CONTROL AND THE CHOICE OF INVESTMENT FINANCING - THE CASE OF CORPORATE ACQUISITIONS [J].